Decentralized finance quickly stole the hearts and minds of many when it burst onto the scene, promising an alternative, open, and permissionless financial system accessible to all. It was built on a wonderful philosophy – early innovators were full of good intentions and the promise of a fairer, more equitable financial future.
However, the realities of DeFi quickly became apparent. While its early growth was spectacular, it was driven entirely by crypto-native assets, namely the tokens central to the most important protocols. It quickly became reliant on reflexive and speculative feedback loops that drove hyper-inflated and unsustainable yields. While exciting, digital assets alone aren’t enough for long-term stability and growth, as we saw when most protocols came crashing back down to Earth at the end of “DeFi Summer.”
What Caused DeFi To Run Out Of Steam?
The early DeFi ecosystem was fundamentally flawed. Although there was tons of promising innovation, with new protoco
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